He was born November 20, 1951 near Canute, Oklahoma. He graduated as Valedictorian from Canute High School in 1969. He later graduated from Oklahoma University in 1973(with a bachelor’s degree in industrial engineering). Later he earned his masters degree in business administration from Harvard University in 1977.
He became the project manager for Gov. David Borehn. Later Mr. Walters served as assistant and associate provost at the OU Health Sciences Center. There, at the age of 29, he became the youngest executive officer in the university’s history. He joined Burk’s Group real estate in 1982, and became president of American Fidelity Property Company in 1985. In 1984 he was appointed co-chairman of the Governor 100- Member Commission Reform.
On November 6, 1990 Walters was elected governor of Oklahoma carrying 75 of the state’s 77 counties. During his term education funding increased by approximately 30% and a $350 million bond issue for higher education brought construction and renovation to every state college campus. While in office he pleaded guilty to a misdemeanor election violation. He did not run for re-election in 1994.
He and his wife, Rhonda, have three daughters; their son committed suicide in 1991.